Revenue growth accelerated to 16.6% in 2026Q1, while gross margins expanded to 51.8% from 45.5% in 2023Q4, indicating successful scaling of higher-margin service offerings.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 742.78B | 716.92B | 637.96B | 574.78B | 513.98B | 469.82B | 386.06B | 280.52B | 232.89B | 177.87B | 135.99B | 107.01B | 88.99B | 74.45B | 61.09B | 48.08B | 34.2B | 24.51B | 19.17B | 14.84B | 10.71B | 8.49B | 6.92B | 5.26B | 3.93B | 3.12B | 2.76B | 1.64B | 609.82M | 147.79M | 15.75M |
| Revenue Growth % | 14.22% | 12.38% | 10.99% | 11.83% | 9.4% | 21.7% | 37.62% | 20.45% | 30.93% | 30.8% | 27.08% | 20.25% | 19.52% | 21.87% | 27.07% | 40.56% | 39.56% | 27.88% | 29.19% | 38.5% | 26.16% | 22.67% | 31.48% | 33.84% | 25.96% | 13.05% | 68.43% | 168.91% | 312.63% | 838.57% | - |
| Cost of Goods Sold | 366.9B | 356.41B | 326.29B | 304.74B | 288.83B | 272.34B | 233.31B | 165.54B | 139.16B | 111.93B | 88.27B | 71.65B | 62.75B | 54.18B | 45.97B | 37.29B | 26.56B | 18.98B | 14.9B | 11.48B | 8.26B | 6.45B | 5.32B | 4.01B | 2.94B | 2.32B | 2.11B | 1.35B | 476.15M | 118.97M | 12.29M |
| COGS % of Revenue | - | 49.71% | 51.15% | 53.02% | 56.19% | 57.97% | 60.43% | 59.01% | 59.75% | 62.93% | 64.91% | 66.96% | 70.52% | 72.77% | 75.25% | 77.56% | 77.65% | 77.43% | 77.72% | 77.4% | 77.07% | 75.98% | 76.85% | 76.12% | 74.76% | 74.43% | 76.26% | 82.28% | 78.08% | 80.5% | 78.03% |
| Gross Profit | 375.88B | 360.51B | 311.67B | 270.05B | 225.15B | 197.48B | 152.76B | 114.99B | 93.73B | 65.93B | 47.72B | 35.35B | 26.24B | 20.27B | 15.12B | 10.79B | 7.64B | 5.53B | 4.27B | 3.35B | 2.46B | 2.04B | 1.6B | 1.26B | 992.62M | 798.56M | 655.78M | 290.64M | 133.66M | 28.82M | 3.46M |
| Gross Margin % | 50.6% | 50.29% | 48.85% | 46.98% | 43.81% | 42.03% | 39.57% | 40.99% | 40.25% | 37.07% | 35.09% | 33.04% | 29.48% | 27.23% | 24.75% | 22.44% | 22.35% | 22.57% | 22.28% | 22.6% | 22.93% | 24.02% | 23.15% | 23.88% | 25.24% | 25.57% | 23.74% | 17.72% | 21.92% | 19.5% | 21.97% |
| Gross Profit Growth % | - | 15.67% | 15.41% | 19.94% | 14.01% | 29.28% | 32.85% | 22.68% | 42.16% | 38.16% | 34.98% | 34.76% | 29.43% | 34.05% | 40.16% | 41.16% | 38.18% | 29.53% | 27.35% | 36.52% | 20.45% | 27.28% | 27.45% | 26.63% | 24.3% | 21.77% | 125.63% | 117.44% | 363.82% | 733.13% | - |
| Operating Expenses | 290.45B | 280.54B | 243.08B | 233.19B | 212.9B | 172.6B | 129.86B | 100.44B | 81.31B | 61.83B | 43.54B | 33.12B | 26.06B | 19.53B | 14.45B | 9.93B | 6.24B | 4.4B | 3.43B | 2.7B | 2.07B | 1.61B | 1.17B | 987M | 928.49M | 1.21B | 1.52B | 896.4M | 242.72M | 61.41M | 9.9M |
| OpEx % of Revenue | - | 39.13% | 38.1% | 40.57% | 41.42% | 36.74% | 33.64% | 35.81% | 34.91% | 34.76% | 32.01% | 30.95% | 29.28% | 26.23% | 23.65% | 20.65% | 18.23% | 17.96% | 17.89% | 18.19% | 19.3% | 18.93% | 16.9% | 18.75% | 23.61% | 38.78% | 55.02% | 54.66% | 39.8% | 41.56% | 62.89% |
| Selling, General & Admin | 58.81B | 58.3B | 55.27B | 56.19B | 54.13B | 41.37B | 28.68B | 24.08B | 18.15B | 13.74B | 9.66B | 7B | 5.88B | 4.26B | 3.3B | 2.29B | 1.5B | 1.01B | 761M | 579M | 458M | 364M | 286M | 232M | 273.36M | 232.78M | 313.74M | 276.6M | 150.16M | 48.03M | 7.5M |
| SG&A % of Revenue | - | 8.13% | 8.66% | 9.78% | 10.53% | 8.81% | 7.43% | 8.58% | 7.79% | 7.73% | 7.11% | 6.54% | 6.61% | 5.72% | 5.41% | 4.76% | 4.38% | 4.11% | 3.97% | 3.9% | 4.28% | 4.29% | 4.13% | 4.41% | 6.95% | 7.46% | 11.36% | 16.87% | 24.62% | 32.5% | 47.64% |
| Research & Development | 115.09B | 108.52B | 88.54B | 85.62B | 73.21B | 56.05B | 42.74B | 35.93B | 28.84B | 22.62B | 16.09B | 12.54B | 9.28B | 6.57B | 4.56B | 2.91B | 1.73B | 1.24B | 1.03B | 818M | 662M | 451M | 251.19M | 207.81M | 215.62M | 241.16M | 269.33M | 159.7M | 46.81M | 12.5M | 2.4M |
| R&D % of Revenue | - | 15.14% | 13.88% | 14.9% | 14.24% | 11.93% | 11.07% | 12.81% | 12.38% | 12.72% | 11.83% | 11.72% | 10.42% | 8.82% | 7.47% | 6.05% | 5.07% | 5.06% | 5.39% | 5.51% | 6.18% | 5.31% | 3.63% | 3.95% | 5.48% | 7.72% | 9.75% | 9.74% | 7.68% | 8.46% | 15.25% |
| Other Operating Expenses | 4M | 113.71B | 99.27B | 91.39B | 85.56B | 75.17B | 58.44B | 40.43B | 34.32B | 25.46B | 17.79B | 13.58B | 10.9B | 8.7B | 6.58B | 4.73B | 3B | 2.15B | 1.63B | 1.3B | 947M | 792M | 593M | 547.19M | 439.52M | 736.87M | 936.59M | 460.1M | 45.75M | 884K | 0 |
| Operating Income | 85.42B | 79.97B | 68.59B | 36.85B | 12.25B | 24.88B | 22.9B | 14.54B | 12.42B | 4.11B | 4.35B | 2.23B | 178M | 745M | 676M | 862M | 1.41B | 1.13B | 842M | 655M | 389M | 432M | 440M | 270M | 64.12M | -412.26M | -863.88M | -605.75M | -109.06M | -32.59M | -6.44M |
| Operating Margin % | 11.5% | 11.16% | 10.75% | 6.41% | 2.38% | 5.3% | 5.93% | 5.18% | 5.33% | 2.31% | 3.2% | 2.09% | 0.2% | 1% | 1.11% | 1.79% | 4.11% | 4.61% | 4.39% | 4.42% | 3.63% | 5.09% | 6.36% | 5.13% | 1.63% | -13.2% | -31.28% | -36.94% | -17.88% | -22.06% | -40.92% |
| Operating Income Growth % | - | 16.59% | 86.13% | 200.88% | -50.77% | 8.65% | 57.48% | 17.07% | 202.51% | -5.67% | 94.94% | 1154.49% | -76.11% | 10.21% | -21.58% | -38.69% | 24.54% | 34.09% | 28.55% | 68.38% | -9.95% | -1.82% | 62.96% | 321.06% | 115.55% | 52.28% | -42.61% | -455.46% | -234.58% | -405.9% | - |
| EBITDA | 155.86B | 145.73B | 121.39B | 85.52B | 54.17B | 59.31B | 48.08B | 36.33B | 27.76B | 15.58B | 12.47B | 8.51B | 4.92B | 4B | 2.83B | 1.95B | 1.97B | 1.51B | 1.13B | 901M | 594M | 553M | 516M | 346M | 146.4M | -146.51M | -457.65M | -354.25M | -57.03M | -29.15M | -6.15M |
| EBITDA Margin % | 20.98% | 20.33% | 19.03% | 14.88% | 10.54% | 12.62% | 12.45% | 12.95% | 11.92% | 8.76% | 9.17% | 7.96% | 5.53% | 5.37% | 4.64% | 4.05% | 5.77% | 6.15% | 5.89% | 6.07% | 5.55% | 6.51% | 7.46% | 6.57% | 3.72% | -4.69% | -16.57% | -21.6% | -9.35% | -19.73% | -39.04% |
| EBITDA Growth % | 22.66% | 20.05% | 41.95% | 57.87% | -8.67% | 23.36% | 32.34% | 30.86% | 78.14% | 24.98% | 46.45% | 72.91% | 23.16% | 41.02% | 45.76% | -1.47% | 30.99% | 33.48% | 25.31% | 51.68% | 7.41% | 7.17% | 49.13% | 136.34% | 199.92% | 67.99% | -29.19% | -521.12% | -95.64% | -374.26% | - |
| D&A (Non-Cash Add-back) | 70.44B | 65.76B | 52.8B | 48.66B | 41.92B | 34.43B | 25.18B | 21.79B | 15.34B | 11.48B | 8.12B | 6.28B | 4.75B | 3.25B | 2.16B | 1.08B | 568M | 378M | 287M | 246M | 205M | 121M | 76M | 76M | 82.27M | 265.74M | 406.23M | 251.5M | 52.02M | 3.44M | 296K |
| EBIT | 101.22B | 99.58B | 71.02B | 40.74B | -3.57B | 39.96B | 25.82B | 15.58B | 12.68B | 4.65B | 4.38B | 2.03B | 99M | 647M | 636M | 999M | 1.54B | 1.2B | 972M | 737M | 455M | 520M | 462M | 169M | -7.71M | -387.19M | -975.76M | -558.63M | -95M | -30.69M | -6.24M |
| Net Interest Income | 1.92B | 2.11B | 2.27B | -233M | -1.38B | -1.36B | -1.09B | -768M | -977M | -646M | -384M | -409M | -171M | -103M | -52M | -4M | 12M | 3M | 12M | 13M | -19M | -48M | -79M | -108M | -119.24M | -110.13M | -90.1M | -39.12M | -12.59M | 1.57M | 197K |
| Interest Income | 4.45B | 4.38B | 4.68B | 2.95B | 989M | 448M | 555M | 832M | 440M | 202M | 100M | 50M | 39M | 38M | 40M | 61M | 51M | 37M | 83M | 90M | 59M | 44M | 28M | 22M | 23.69M | 29.1M | 40.82M | 45.45M | 14.05M | 1.9M | 202K |
| Interest Expense | 2.53B | 2.27B | 2.41B | 3.18B | 2.37B | 1.81B | 1.65B | 1.6B | 1.42B | 848M | 484M | 459M | 210M | 141M | 92M | 65M | 39M | 34M | 71M | 77M | 78M | 92M | 107M | 130M | 142.93M | 139.23M | 130.92M | 84.57M | 26.64M | 326K | 5K |
| Other Income/Expense | 29.49B | 16.78B | -80M | 693M | -18.19B | 13.28B | 1.29B | -579M | -1.15B | -304M | -390M | -687M | -252M | -310M | -287M | 60M | 98M | 26M | 50M | 5M | -12M | -4M | -85M | -231.44M | -218.93M | -144.5M | -547.39M | -114.21M | -15.49M | 1.57M | 197K |
| Pretax Income | 114.91B | 96.76B | 68.51B | 37.55B | -5.94B | 38.16B | 24.19B | 13.96B | 11.27B | 3.8B | 3.8B | 1.55B | -74M | 435M | 389M | 922M | 1.5B | 1.16B | 892M | 660M | 377M | 428M | 355M | 38.56M | -154.8M | -556.75M | -1.41B | -719.97M | -124.55M | -31.02M | -6.25M |
| Pretax Margin % | 15.47% | 13.5% | 10.74% | 6.53% | -1.16% | 8.12% | 6.27% | 4.98% | 4.84% | 2.14% | 2.79% | 1.44% | -0.08% | 0.58% | 0.64% | 1.92% | 4.4% | 4.71% | 4.65% | 4.45% | 3.52% | 5.04% | 5.13% | 0.73% | -3.94% | -17.83% | -51.1% | -43.9% | -20.42% | -20.99% | -39.67% |
| Income Tax | 24.09B | 19.09B | 9.27B | 7.12B | -3.22B | 4.79B | 2.86B | 2.37B | 1.2B | 769M | 1.43B | 950M | 167M | 161M | 428M | 291M | 352M | 253M | 247M | 184M | 187M | 95M | -233M | 4M | -700K | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 20.97% | 19.73% | 13.52% | 18.96% | 54.17% | 12.56% | 11.83% | 17% | 10.62% | 20.23% | 37.54% | 61.45% | -225.68% | 37.01% | 110.03% | 31.56% | 23.4% | 21.9% | 27.69% | 27.88% | 49.6% | 22.2% | -65.63% | 10.37% | 0.45% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 90.8B | 77.67B | 59.25B | 30.43B | -2.72B | 33.36B | 21.33B | 11.59B | 10.07B | 3.03B | 2.37B | 596M | -241M | 274M | -39M | 631M | 1.15B | 902M | 645M | 476M | 190M | 333M | 588M | 35M | -149.93M | -556.75M | -1.41B | -719.97M | -124.55M | -31.02M | -6.25M |
| Net Margin % | 12.22% | 10.83% | 9.29% | 5.29% | -0.53% | 7.1% | 5.53% | 4.13% | 4.33% | 1.71% | 1.74% | 0.56% | -0.27% | 0.37% | -0.06% | 1.31% | 3.37% | 3.68% | 3.37% | 3.21% | 1.77% | 3.92% | 8.5% | 0.66% | -3.81% | -17.83% | -51.1% | -43.9% | -20.42% | -20.99% | -39.67% |
| Net Income Growth % | 37.69% | 31.09% | 94.73% | 1217.74% | -108.16% | 56.41% | 84.08% | 15.04% | 232.11% | 27.92% | 297.82% | 347.3% | -187.96% | 802.56% | -106.18% | -45.23% | 27.72% | 39.85% | 35.5% | 150.53% | -42.94% | -43.37% | 1580% | 123.34% | 73.07% | 60.55% | -96.02% | -478.07% | -301.5% | -396.64% | - |
| Net Income (Continuing) | 90.8B | 77.67B | 59.25B | 30.43B | -2.72B | 33.36B | 21.33B | 11.59B | 10.07B | 3.03B | 2.37B | 596M | -241M | 274M | -39M | 631M | 1.15B | 902M | 645M | 476M | 190M | 333M | 588M | 35M | -149.93M | -556.75M | -1.41B | -719.97M | -124.55M | -31.02M | -6.25M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 8.35 | 7.17 | 5.53 | 2.90 | -0.27 | 3.24 | 2.09 | 1.15 | 1.01 | 0.31 | 0.25 | 0.06 | -0.03 | 0.03 | -0.00 | 0.07 | 0.13 | 0.10 | 0.07 | 0.06 | 0.02 | 0.04 | 0.07 | 0.00 | -0.02 | -0.08 | -0.20 | -0.11 | -0.02 | -0.01 | -0.00 |
| EPS Growth % | 36.16% | 29.66% | 90.69% | 1174.07% | -108.33% | 55.02% | 81.74% | 13.86% | 225.81% | 24% | 300% | 340.38% | -188.14% | - | -106.57% | -47.31% | 30% | 34.23% | 33.04% | 148.89% | -46.43% | -39.57% | - | 120.51% | 75% | 61% | -81.82% | -423.81% | - | - | - |
| EPS (Basic) | - | 7.29 | 5.66 | 2.95 | -0.27 | 3.30 | 2.13 | 1.17 | 1.03 | 0.32 | 0.25 | 0.06 | -0.03 | 0.03 | -0.00 | 0.07 | 0.13 | 0.10 | 0.08 | 0.06 | 0.02 | 0.04 | 0.07 | 0.00 | -0.02 | -0.08 | -0.20 | -0.11 | -0.02 | -0.01 | -0.00 |
| Diluted Shares Outstanding | 10.87B | 10.83B | 10.72B | 10.49B | 10.19B | 10.3B | 10.2B | 10.08B | 10B | 9.86B | 9.68B | 9.54B | 9.24B | 9.3B | 9.06B | 9.22B | 9.12B | 8.84B | 8.64B | 8.48B | 8.48B | 8.52B | 8.5B | 8.38B | 7.57B | 7.28B | 7.02B | 6.54B | 5.93B | 5.21B | 3.5B |
| Basic Shares Outstanding | 10.74B | 10.66B | 10.47B | 10.3B | 10.19B | 10.12B | 10B | 9.88B | 9.74B | 9.6B | 9.48B | 9.34B | 9.24B | 9.14B | 8.67B | 9.06B | 8.94B | 8.66B | 8.46B | 8.26B | 8.32B | 8.24B | 8.12B | 7.9B | 7.57B | 7.28B | 7.02B | 6.54B | 5.93B | 5.21B | 3.5B |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and antitrust scrutiny
According to quarterly financial disclosures, Amazon's revenue growth accelerated to 16.6% in 2026Q1, marking a notable departure from the mid-teens range observed throughout 2025, suggesting that the company's diversified ecosystem of cloud services and retail marketplace continues to capture significant incremental share of total enterprise and consumer spending.
The acceleration in top-line growth appears to be driven by the successful integration of high-margin advertising services within the retail platform. Investors should monitor whether this growth trajectory is sustainable or if it reflects a temporary surge in seasonal demand that may normalize in subsequent quarters.
As reported in recent income statements, the company achieved a gross margin of 51.8% in 2026Q1, reflecting a consistent upward trend from the 45.5% levels seen in late 2023, which suggests that the shift toward third-party seller services and advertising is effectively offsetting the inherent thinness of retail logistics.
This margin expansion indicates that the company is successfully leveraging its massive fulfillment infrastructure to generate higher-margin service fees. The ability to maintain these levels suggests significant pricing power, though it remains sensitive to potential increases in labor and energy costs within the logistics network.
Based on the provided income statement data, operating income reached $23.9B in 2026Q1, demonstrating that the company is scaling its operating profit significantly faster than its gross profit, which implies that fixed costs associated with data centers and fulfillment are being absorbed by a larger revenue base.
The improvement in operating margins to 13.1% suggests that management's regionalization of the fulfillment network is yielding tangible efficiency gains. This trend warrants further investigation to determine if the current level of SG&A discipline can be maintained as the company continues to invest heavily in generative AI initiatives.
Analysis of the company's recent filings reveals that stock-based compensation remains a substantial non-cash expense, totaling $4.0B in 2026Q1, which suggests that reported net income may overstate the cash-generative capacity of the business when accounting for the dilution and true cost of maintaining a highly skilled technical workforce.
While net income has shown impressive growth, the reliance on equity-based incentives to attract talent is a structural reality that investors must factor into valuation. The volatility in quarterly EPS growth, ranging from 4.8% to 86.0% over the last two years, highlights the impact of non-operating items and tax fluctuations on the bottom line.
Data from recent financial statements indicates that the company's profitability is increasingly dependent on advertising and cloud services, which raises concerns regarding the sustainability of these margins if enterprise IT spending cycles or digital advertising demand face a cyclical downturn in the coming fiscal periods.
Short-sellers might focus on the potential for margin compression if the retail segment's fulfillment costs rise faster than the growth of high-margin service fees. The heavy reliance on AWS as a profit engine suggests that any competitive erosion in the cloud market could have a disproportionate impact on the company's consolidated earnings profile.
Quick answers to the most common questions about buying AMZN stock.
For fiscal year 2025, Amazon.com, Inc. (AMZN) reported total revenue of $716.92B. This represents a 4552954.7% increase compared to $15.7M in 1996.
Amazon.com, Inc. (AMZN) is profitable, generating $77.67B in net income for the fiscal year ending 2025 with a net profit margin of 10.8%.
Amazon.com, Inc. (AMZN) reported an operating income of $79.97B, resulting in an operating profit margin of 11.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Amazon.com, Inc. (AMZN) generated $360.51B in gross profit for the year, representing a gross profit margin of 50.3%. This demonstrates the company's core pricing power and production efficiency.